Update 6/23/21 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in June 2021.
All Star Mini Storage and Puro Mini Storage in Peoria, Illinois, were sold to out-of-state investors. Together, they comprise 73,740 square feet. All Star at 7028 W. Plank Road contains 270 units and 36 vehicle-storage spaces, with half an acre for expansion. Located a mile east at 6014 W. Enterprise Road, Puro encompasses 26,940 square feet in 153 traditional units, plus five commercial units. The buyer and the seller, a private investor, were represented in the transaction by Marla Čolić and Anne Williams, investment specialists for Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States. They were assisted by fellow M&M Broker Steven Weinstock.
Andover Properties LLC, which operates the Storage King USA brand, purchased Arcadia Storage in Milton, Florida. Built in 1993 on 9.8 acres, the facility on Highway 90 comprises 52,400 net rentable square feet. It was expanded in 2004, and Andover intends to double the footprint. This was the company’s sixth acquisition in Greater Pensacola and its 26th in Florida. Established in 2003, New-York based Andover owns and manages 88 storage properties in 16 states, comprising more than 6.8 million square feet across 49,900 units.
Attics Storage in Newnan, Georgia, sold to a regional buyer. Built on about 2 acres at 554 Corinth Road, the facility offers 248 units, plus vehicle storage and mailboxes. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
Bryan Street Storage in Shawnee, Oklahoma, sold. The facility at 526 N. Bryan Ave. comprises 47,640 feet in 296 units and 31 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M.
Cajun Storage in Lake Charles, Louisiana, sold to a limited-liability company. The facility at 2255 LA-397 comprises 61,590 square feet. The buyer was represented in the transaction by Dave Knobler, senior vice president of investments, and Mixson Staffel, associate, for M&M. Knobler also represented the seller, a private investor, assisted by fellow broker Chris Shaheen.
Ceres Self Storage in Ceres, California, sold to Heritage Self Storage, a Burbank, California-based operator, for $3.15 million in an off-market deal. Built on 1.64 acres, the five-building facility at 2105 Fairview Drive comprises 37,126 net rentable square feet. It was 99% physically occupied at the time of sale. The buyer owns a second facility in Ceres, only about 400 yards away. The seller was represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of the Loeffler Self-Storage Group Inc., which specializes in self-storage real estate in California and Nevada.
City Storage in Idaho Falls, Idaho, sold. Built in 1990 on about 7 acres, the self-storage facility at 1445 N. Woodruff Ave. comprises 77,238 net rentable square feet in 752 units. It was built in multiple phases, with the last completed in 2004, plus there’s room for expansion. The buyer and the seller were represented in the transaction by Jordan Farrer, investment associate, and Adam Schlosser, senior vice president of investments, for the LeClaire-Schlosser Group of M&M.
Andover Properties acquired a CubeSmart facility in Phoenix. The multi-story structure at 7090 N. 19th Ave. opened in September and comprises 72,388 net rentable square feet. Self-storage real estate investment trust (REIT) CubeSmart owns or manages 1,244 U.S. facilities.
Haggar Group, which operates 27 facilities in the Southwest under the StorWise Self Storage brand, acquired Dona Ana Storage in Las Cruces, New Mexico. The facility at 5540 Vanegas Drive comprises 35,525 square feet in 273 units. The seller was represented in the transaction by Thomas Parsons, senior investments associate, and Schlosser. They were assisted by Matthew Reeves, senior associate for M&M.
Interstate Mini Storage in Gainesville, Florida, sold. The 12-acre property at 2707 S.W. 40th Blvd. contains 21 buildings comprising 106,883 square feet in 831 units and 63 vehicle-storage spaces. The buyer and the seller were represented in the transaction by Gabriel Coe, Nathan Coe, Brett R. Hatcher and Meir D. Perlmuter, investment specialists with M&M. Ryan Nee, Florida division manager and M&M broker, assisted.
The four-property JMC Self-Storage portfolio in Southern Maine sold. Three of the sites are within 20 miles of Portland, Maine. The portfolio comprises 92,275 net rentable square feet in 793 units. The seller, a limited liability company, was represented in the transaction by Coe, Coe and Hatcher, investment specialists with The Hatcher Group of M&M. They were assisted by M&M Broker James Koury.
Montgomery Self Storage, which operates six locations in Greater Houston, purchased My Storage Locker at 14545 Highway 105 W., Unit B, in Conroe, Texas, and Stuff Hotel at 33319 Bear Branch Lane in Magnolia, Texas. The company plans to add a multi-story, climate-controlled building to the Magnolia property.
Secure Indoor Storage in Strongsville, Ohio, sold. Converted from a pre-existing structure last year, the self-storage facility at 12878 Pearl Road comprises 35,083 net rentable square feet in 313 units and has room for expansion. The seller was represented in the transaction by The Hatcher Group of M&M.
SouthPoint Storage in Terre Haute, Indiana, sold. Built in 1995 on 4.58 acres, the facility at 9022 Bono Road contains seven buildings comprising 24,300 square feet in 104 units. The buyer and the seller, a private investor, were represented in the transaction by Čolić and Williams. M&M Regional Manager Josh Caruana assisted.
Springwood Self Storage in Austin, Texas, sold to Wasatch Storage Partners LLC, a Utah-based real estate investment firm specializing in self-storage acquisitions and development. Built in 2017 on .89 acres, the three-story facility at 9206 Anderson Mill Road comprises 426 climate-controlled units. The seller was represented in the transaction by Steve Mellon and Brian Somoza, managing directors with JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Wasatch operates six self-storage facilities in Massachusetts, Minnesota and New York under various brand names.
Andover Properties purchased Storage 365 in Garland, Texas. Opened in 2018, the multi-story facility at 2404 E. Centerville Road comprises 80,250 net rentable square feet.
Storage Authority in Mulberry, Florida, sold. Opened in 2019 at 6615 N. Church Ave., the facility comprises 82,850 net rentable square feet in 659 units. The seller was represented in the transaction by Coe, Coe, Hatcher and Pulmuter. M&M Division Manager Ryan Nee assisted. Co-founded by Marc Goodin and Scott House, Storage Authority launched its franchise model in 2015.
Stor-Yor-Stuf in Transfer, Pennsylvania, sold to a private buyer. The facility at 3502 N. Hermitage Road comprises 32,900 net rentable square feet in 204 units. The property was built in several phases beginning in 1995, with the most recent completed in 2015. The facility was more than 90% physically occupied at the time of sale. The seller was represented in the transaction by Investment Real Estate LLC (IRE), a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
A four-property U-Store-It self-storage portfolio in New York and Pennsylvania sold to a private buyer. Two of the properties are a two-minute drive from each other on Old Ithaca Road in Horseheads, New York, with the main office at 192 Old Ithaca Road. The third site is on Lake Street in neighboring Elmira, New York. The fourth facility is at 16762 Berwick Turnpike in Gillett, Pennsylvania. Together, the properties comprise 146,023 rentable square feet in 999 units. The seller was represented in the transaction by IRE.
REIT Extra Space Storage acquired a newly built facility in District Heights, Maryland, for $18.2 million. The three-story structure at 7618 Marlboro Pike comprises 110,000 square feet in 900 units. The seller was a joint venture between investment-management firm Big Cypress Capital, through its Headwaters Strategic Operator Platform, and PSG, a Baltimore-based private real estate development firm. Big Cypress acquired the 3.2 acres in 2018 and completed construction this month. The seller was represented in the deal by Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. Extra Space represented itself. Headquartered in Salt Lake City, the REIT owns or operates 1,969 self-storage properties in 40 states; Washington, D.C.; and Puerto Rico.
REIT Public Storage acquired a four-property self-storage portfolio in California and Washington from a joint venture between Baranof Holdings and a fund advised by Crow Holdings Capital. Two of the properties are in Southern California, with a third in the San Francisco area. The fourth location is in Seattle. The portfolio comprises about 280,000 rentable square feet in 3,080 units. The seller was represented in the transaction by Luke Elliott, Jim Lewis, Mike Mele and Greg Wells of Cushman & Wakefield. Based in Dallas, Baranof develops, builds and acquires self-storage properties nationwide, and operates 10 facilities in California, North Carolina, Oregon, Texas and Washington. Based in Glendale, Calif., Public Storage has interests in 2,563 self-storage facilities in 38 states, with approximately 176 million net rentable square feet.
SpareBox Storage, which operates 50 facilities in five states, acquired nine properties in the Oklahoma City, Oklahoma, metropolitan area from multiple sellers. Combined, they comprise 420,000 net rentable square feet. The purchases come on the heels of the company’s four-property acquisition earlier this month. Launched last year, SpareBox Storage is sponsored by Rizk Ventures, an operating and investment platform with a focus on healthcare, real estate and technology. The company’s self-storage portfolio comprises about 2.4 million rentable square feet.
6/11/21 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in June 2021.
A three-property Advantage Storage portfolio in Odessa, Texas, sold. Together, the facilities at 5101 E. 52nd St., 6501 E. Business 20 and 5136 E. University Blvd. comprise 252,506 net rentable square feet in 1,428 units. The 52nd Street location was expanded in 2019 and has room for future development. Advantage operates more than 50 self-storage facilities in Arizona, Colorado and Texas. The seller was represented in the transaction by The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.
Allsafe Self Storage in Cedar Hill, Texas, sold to an out-of-state private investor. Built in 2000 and expanded in 2011, the facility at 611 E. Beltline Road comprises 85,550 square feet in 599 units. The buyer and the seller, a private developer and investor, were represented in the transaction by Kyle Newswanger, an investment specialist with Colliers International, an investment management company with operations in 67 countries.
Amar Road Self Storage in City of Industry, California, sold. Built in 2009, the facility at 15870 Amar Road comprises 48,460 net rentable square feet in 438 units and 28 vehicle-storage spaces. The property had physical occupancy of 96.4% at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.
Public Storage, a self-storage real estate investment trust (REIT) and management company, acquired Arbor Town Storage and University Storage in Estero and Fort Meyers, Florida, from Seagate Development Group, which built the properties in 2019 and 2020, respectively. Arbor Town at 20091 Tiburon Way comprises 76,000 square feet in 663 units. The three-story University Storage at 10688 Colonial Blvd. offers 63,275 square feet in 601 units. The transaction was brokered by SW Management & Realty LLC, a Seagate affiliate. Seagate is a development company specializing in construction, custom renovations, interior design, management and leasing.
Andover Properties LLC, which operates the Storage King USA brand, purchased Bagdad Mini Warehouses in Milton, Florida. The property at 4065 Garcon Point Road comprises 37,000 net rentable square feet in 288 units and 97 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M. Established in 2003, New-York based Andover owns and manages more than 75 storage properties in 16 states, comprising 5.7 million square feet across 42,500 units.
Black Box Self Storage in Tanner, Alabama, sold. Built in 2016, the facility at 20285 Huntsville Brownsferry Road comprises 75,225 net rentable square feet in 388 units and 51 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M.
The three-property Cornerstone Storage LLC portfolio in Council Bluffs and Omaha, Nebraska, sold to Missouri- and Pennsylvania-based buyers. Together, the facilities at 1911 Rue St. in Council Bluffs, and 8787 S. 192nd St. and 6100 S. 72nd St. in Omaha comprise about 45,000 net rentable square feet in 309 units. The seller was represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas. Bellomy and Johnson also procured the buyers.
A newly constructed self-storage facility managed by REIT CubeSmart sold in Stratford, Connecticut. Built on 1.25 acres, the four-story building at 225 Lordship Blvd. comprises 84,555 net rentable square feet in 914 units. The facility received its Certificate of Occupancy in April. The seller was represented in the transaction by Matt Davis, vice president, Thomas K. Gustafson, national director, and Enzennio Mallozzi, managing director, of the Self Storage Group for Colliers International.
Envy Self-Storage & RV in Gilbert, Arizona, sold for $17.5 million to Arizona-based JLL Arizona Self Storage LLC. The facility at 18612 S. Lindsay Road comprises 127,745 net rentable square feet in 757 units. The property is in the middle of expanding to include an additional 39 covered and three uncovered RV-storage spaces. The seller, Arizona-based 202 Storage LLC, was represented in the transaction by Denise Nunez, managing director, and Victoria Filice, associate, for NAI Horizon, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms.
Strategic Storage Trust VI Inc. (SST VI), a private REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired Full House Self Storage in Las Vegas. Completed nearly a year ago, the facility at 8570 S. Durango Drive comprises 52,200 square feet in 335 units. It’s the third acquisition for the newly formed SST VI and the 10th property owned or managed by SmartStop in the Las Vegas market. Based in Maryland, SST VI invests in self-storage and related real estate investments in Canada and the United States.
Interstate Mini Storage in Gainesville, Florida, sold. The facility at 2707 S.W. 40th Blvd. comprises 106,883 net rentable square feet in 831 units and 63 vehicle-storage spaces. It includes a manager’s residence. The property had physical occupancy of 83% at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.
A joint venture between Blue Vista Capital Management LLC and Montfort Capital Partners LLC acquired a San Antonio facility that’s managed and branded by REIT Life Storage Inc., which will continue to oversee it. The property at 12991 Potranco Road comprises 79,810 square feet in 694 units. The seller was represented in the transaction by Jon Danklefs, an investment specialist with M&M, who also procured the buyer. Based in Chicago, Blue Vista is a real estate investment management firm. Montfort is a Dallas-based firm that invests exclusively in self-storage nationwide. The purchase is Montfort’s eighth in Texas.
Londonderry Storage in Middletown, Pennsylvania, sold. Built in 1999 and expanded onto an adjacent parcel in 2003, the facility at 4043 E. Harrisburg Pike offers 49,250 net rentable square feet in 371 units. The seller, a limited-liability company, was represented in the transaction by Gabriel Coe, Nathan Coe and Brett Hatcher, investment specialists with The Hatcher Group. They were assisted by M&M Broker Sean Beuche.
Meadows Self Storage in Castle Rock, Colorado, sold to a joint venture between Invesco Real Estate and Westport Properties, which operates the US Storage Centers brand. Built in 2018, the facility at 4395 Regent St. comprises 54,102 rentable square feet in 472 units and vehicle-storage spaces. The seller was Castle Rock Development. Invesco is the global real estate investment-management arm of Invesco Ltd. It invests in direct property and publicly traded real estate securities. Founded in 1985, US Storage Centers has more than 10 million rentable square feet under management.
Storage Express, which owns and operates 114 properties in Indiana, Illinois, Kentucky, Ohio and Tennessee, acquired Mt. Tabor Storage in New Albany, Indiana. The two-year old facility at 614 Mt. Tabor Road comprises 40,000 square feet in 370 units. The buyer and the seller were represented in the transaction by Hunter Sells, a senior associate with SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.
SmartStop Self Storage, which operates 154 properties in 19 states and Ontario, Canada, acquired Super Storage in Riverside, California. The facility at 6637 Van Buren Blvd. comprises 69,800 square feet in 379 units and 71 vehicle-storage spaces. SmartStop has $1.7 billion of real estate assets under management including 11.8 million rentable square feet of self-storage.
iStorage Self Storage purchased Union Road Self Storage in White House, Tennessee. The 6-acre property at 2979 Union Road comprises 74,270 net rentable square feet in 362 units. The facility was built in 2004 and expanded in 2017. The buyer and the seller were represented in the transaction by Coe and Hatcher. They were assisted by M&M Regional Manager Jody McKibben. iStorage, which operates facilities in 13 states, is owned by National Storage Affiliates Trust, a Maryland REIT specializing in self-storage.
SpareBox Storage, which operates 41 facilities in five states, acquired four properties in Niceville, Florida, and Edmond, Oklahoma, from multiple sellers. Combined, they comprise 306,000 net rentable square feet and more than 2,000 units. Launched last year, SpareBox Storage is sponsored by Rizk Ventures, an operating and investment platform with a focus on healthcare, real estate and technology.
Andover also acquired a five-property self-storage portfolio in Aubrey, Crowley and Wylie, Texas. Together, the facilities comprise 278,840 rentable square feet in 1,736 unit and 329 vehicle-storage spaces. The sale included extra land for expansion. The Dallas-based seller was represented in the transaction by Bellomy and Johnson of Bellomy & Co., who also procured the buyer.
New Sources:
Boston Real Estate Times, Marcus & Millichap Arranges the Sale of a 92,000-SF Self-Storage Portfolio
Business Wire, SpareBox Storage Acquires Nine Stabilized Self Storage Properties in Oklahoma
Community Impact, Montgomery Self Storage Acquires, Plans to Expand Magnolia, Conroe Properties
Commercial Observer, Extra Space Storage Acquires DC Metro Self-Storage Facility for $18M
PR Newswire, Big Cypress Capital and PSG Complete $18.2 Million Sale of DC Metro Self-Storage Facility to Extra Space Storage
PR Urgent, Self Storage in Newnan, GA, Sold By Midcoast Properties Inc.
REBusiness Online, LeClaire-Schlosser Group Brokers Sale of Dona Ana Storage Facility in Las Cruces, New Mexico
Previous Sources:
Business Observer, Developer Sells a Pair of Self-Storage Facilities
Business Wire, Strategic Storage Trust VI, Inc. Acquires Recently Developed Storage Facility in Las Vegas, NV
Business Wire, SpareBox Storage Announces Acquisition of Stabilized Self Storage Properties in Oklahoma and Florida
Fort Worth Business Press, Colliers Makes Self Storage Facility Sale
Multi-Housing News, Denver-Area Self Storage Changes Ownership
REBusiness Online, Colliers Arranges Sale of 599-Unit Allsafe Self-Storage Facility in Metro Dallas
REBusiness Online, Marcus & Millichap Brokers Sale of 371-Unit Self-Storage Facility in Middletown, Pennsylvania
The Argus Press, SmartStop Self Storage REIT, Inc. Acquires Self Storage Facility in Riverside, California
